NY S05574

Increases cash and liquid resource exemption from $2,000 to $10,000 for applicants and recipients of public assistance programs, or from $3,000 to $10,000 for households with members age 60 or older.

Raises vehicle savings account exemption from $4,600 to $7,050 for individuals saving to purchase a first or replacement vehicle for employment purposes.

Expands education savings account exemption to the greater of $5,165 or the maximum tuition assistance program award for the current academic year, increasing from $1,400.

Adds new resource exemptions including retirement accounts (IRAs, 401(k)s, 403(b)s, Keogh plans) and all 529 college savings plans.

Removes the $1,500 equity value cap on funeral agreements and specifies that court-ordered child support withheld from income is not considered available income; takes effect April 1 following enactment.